United States Government Publishing Office publisher pbl distributor dst United States Government Accountability Office Resources, Community, and Economic Development Division author aut Government Organization text government publication eng GAOREPORTS Legislative Agency Publications gao legislative 2010-08-12 U.S. Government Printing Office 1995-09-28 monographic deposited born digital GA 1.13:T-RCED-95-285 https://www.govinfo.gov/app/details/GAOREPORTS-T-RCED-95-285 P0b002ee18039c77f f:trc95285 DGPO 2010-08-12 2011-03-23 GAOREPORTS-T-RCED-95-285 machine generated eng fdlp REPORT GAOREPORTS-T-RCED-95-285 T-RCED-95-285 Small business assistance Small business loans Small business investment companies Investment planning Securities Federal funds Losses Assets SBA Three Percent Preferred Stock Repurchase Program SBA Specialized Small Business Investment Companies Program Testimony RCED Pursuant to a congressional request, GAO reviewed the Small Business Administration's (SBA) actions and initiatives to improve the recovery of federal funds from the liquidation of small business investment companies (SBIC) and specialized small business investment companies (SSBIC), focusing on: (1) weaknesses in SBA oversight and management; (2) SBA implementation of the stock repurchase program; and (3) the placement of the examination function. GAO noted that: (1) recent SBA actions and legislative changes may help reduce future program losses, since licensed firms must demonstrate their experience in the area they plan to invest, have more private capital, and have SBA as its main creditor; (2) weaknesses in SBA oversight and management continue to place federal funds at risk; (3) periodic examinations help identify violations that often go uncorrected from one examination cycle to the next; (4) SBA expects to lose $304.4 million from the 189 firms currently in liquidation; (5) SBA does not have a strategy to target its oversight efforts or ensure more accurate asset valuation; (6) twenty-one SSBIC have completed a stock repurchase and SBA has received $17.7 million from its initial investment of $50.3 million in the firms; and (7) although there are no indications of efforts to restrict or influence examinations, the organizational placement of the examination function may impede SBA ability to pursue corrective actions. https://www.govinfo.gov/content/pkg/GAOREPORTS-T-RCED-95-285/html/GAOREPORTS-T-RCED-95-285.htm GAO/T-RCED-95-285 https://www.govinfo.gov/app/details/GAOREPORTS-T-RCED-95-285 Testimony GAO/T-RCED-95-285; Small Business Administration: Better Oversight of SBIC Programs Could Reduce Federal Losses; Small business assistance Small business loans Small business investment companies Investment planning Securities Federal funds Losses Assets SBA Three Percent Preferred Stock Repurchase Program SBA Specialized Small Business Investment Companies Program